Winter Strikes a Blow, but Expect a Spring Payback

If new hiring was delayed, expect a rebound in employment gains this spring, along with a rebound in other measures of economic activity.

Is the economy's growth potential hibernating for the winter? The Federal Reserve's so-called beige book, a survey of current economic conditions published eight times a year, reported last week that in January and February "unusually severe weather" brought a "slight decline in activity" in New York and Philadelphia and slower growth in other regions. The February employment report, released on Friday, counted 626,000 "not at work" due to "bad weather," compared with 253,000 in February of...